The “Silver Market”
Businesses pay considerable attention to younger generations for future-casting trends to come, but statistics reveal that the 50+ demo may become the key to success for many brands.
At 108 million strong, the 50+ demographic is the #1 consumer-age demographic in the United States, far exceeding Gen X’s 49 million and Millennial’s 82 million. By 2030, more than one in three persons of working age will be over age 50 in G7 countries, compared to one in four today. The ‘silvers’ are enjoying greater health and longer lifespans than their predecessors. Now, the West’s ‘Baby Boomers’ – possibly the wealthiest generation in history – are now filling out this segment and bringing their wallets with them.
70% of the disposable income in the U.S. is controlled by Baby Boomers yet less than 10% of marketing is geared towards them. The growth of the “silver” market is one of the most under-appreciated trends.
This demographic may also be the first market to inspire both need and demand for some of the most seismic disruptive innovations to come in areas like robotics, health and autonomous vehicles.
Sources: Nielson (Consumer Insights) | OECD | AARP | The Economist (Intelligence Unit) | Image: Laura Pittaccio